How to Deal With Irrational Real Estate Agents
In the course of all the short sales you will take on, you will likely encounter some highly irrational real estate agents. But fear not! You can work successfully with them, despite all their grumbling! The key is to build rapport with them, to get the point across that you are all on the same team and NOBODY gets paid without the help of the other!!! That way you will establish a sense of togetherness, and not encourage a sense of “me against you.”
One of the best ways to establish a team atmosphere is to discuss the fact that everyone involved is working hard to get the deal done. As the short sale negotiator, you are working to build a relationship with the lender(s) and get the debt down so the contracted buyer can purchase the property (were it not for your negotiations the buyer would have to buy the house for the total debt on the property, not the discounted value that happens to be fair market value, which would cost them dearly). The buyer’s agent is working to get their client into a home of their dreams, and the listing agent is doing whatever they can to get a buyer. Make sure you stress the fact that everyone needs each other, and if they don’t work together the deal wouldn’t go through, and you want to make sure to use phrases like “we are all working hard” or “we’ll all have to make sure we continue to work hard so this deal closes.” That way you’re sending the message that all of you are equally necessary, and therefore all deserve to get paid.
Speaking of getting paid, you’ll want to make sure to explain to them, that again, it is your work in negotiating the debt to allow the buyer to purchase the property that is also enabling them to get paid! This is something that real estate agents easily forget. As soon as an agent you’re working with starts giving you an attitude, make sure to remind them of this!
Once they’ve realized that you’re responsible for them receiving a paycheck, they may still grumble about how much you may be receiving, when compared to them. If you arrive at this point, the best way to respond is to explain that on this particular deal you may be out-earning them, however on your last two deals you only made a few hundred dollars, while they likely cleared several thousand dollars. This is not merely to argue with them, but to make the point that each deal needs to be approached with the same amount of hard work. And the reality is, some will yield bigger checks than others, but it will all balance out in the end.
Remember, you will likely be seeing this agent again. The key is to get them to become a team member, not an opponent! We encourage you to leave a comment on this blog; or if you would like to ask a question visit www.AskBobLachance.com or www.AskPatrickPrecourt.com and submit one. This is Bob Lachance signing off on behalf of your Real Estate Business Mentors!
